Sun Life Financial Inc. reported robust full-year results for 2025, driven by significant growth in its Asian operations. The company’s net income rose 13.9% year-on-year (YoY) to $3.5 billion, while earnings per share climbed 16.9% to $6.15, reflecting strong operational performance and effective cost management across its global business.
In the Asia region, Sun Life saw underlying net income reach $207 million in the fourth quarter, up $32 million or 18% compared with the same period last year. This growth was primarily attributable to a $35 million increase in individual protection earnings, fueled by strong sales across key markets, growth in in-force business, favourable mortality experience among high-net-worth clients, higher investment income, and lower operating expenses. These gains were partly offset by reduced contributions from joint ventures and adverse credit experience.
Asset management and wealth management earnings in Asia declined by $3 million, largely due to lower fee income following the transition of administration business to the centralised eMPF platform in Hong Kong. Despite this, reported net income in the region reached $131 million, up $120 million YoY. This was mainly due to higher underlying earnings and the absence of a prior-year impairment charge on a Vietnam bancassurance intangible asset, though gains were partially offset by unfavourable market-related and actuarial effects, including interest-rate movements. Foreign exchange translation reduced Asia underlying net income by $2 million and reported net income by $1 million.
Individual insurance sales across Asia surged to $894 million, marking a 49% YoY increase. Growth was driven by broad-based gains across all channels in Hong Kong and higher bancassurance sales in India and Indonesia, while lower high-net-worth broker sales partially offset these increases. Asset management gross flows and wealth sales in Asia rose 8% YoY to $2 billion, supported by stronger fixed-income and equity fund sales in India, although lower fixed-income fund sales in the Philippines moderated overall growth.
Asia Region Financial Summary – Q4 2025
| Metric | Amount (USD) | YoY Change |
|---|---|---|
| Underlying net income | $207m | +18% |
| Reported net income | $131m | +120m YoY |
| Individual insurance sales | $894m | +49% |
| Asset management & wealth sales | $2.0b | +8% |
Sun Life’s performance highlights its growing presence in Asia, with continued momentum in insurance and wealth management segments positioning the company for further expansion in 2026.